{"version":1,"pages":[{"id":"uKqjcGxVtHoz0LTK2E9G","title":"AXON Finance 白皮书","pathname":"/axon-finance-docs/zh","siteSpaceId":"sitesp_q8hHg","description":"高性能 · AI 原生的 PayFi 公链"},{"id":"fism8R8xegqcEJ9KWDfB","title":"引读：地基与切口","pathname":"/axon-finance-docs/zh/parti-yuan-jing-yu-ding-wei/part1-vision","siteSpaceId":"sitesp_q8hHg","description":"地基与切口","breadcrumbs":[{"label":"Part I · 愿景与定位"}]},{"id":"P06Pc7p50rq18OTnTVn6","title":"1.1 核心命题：L1 是地基，PayFi 是切口","pathname":"/axon-finance-docs/zh/parti-yuan-jing-yu-ding-wei/part1-vision/1-1-thesis","siteSpaceId":"sitesp_q8hHg","description":"AXON 的双层战略与 wedge 逻辑","breadcrumbs":[{"label":"Part I · 愿景与定位"},{"label":"引读：地基与切口"}]},{"id":"DqPZVO72a8GxewXpkvxp","title":"1.2 AXON Finance 是什么：双层叙事","pathname":"/axon-finance-docs/zh/parti-yuan-jing-yu-ding-wei/part1-vision/1-2-what-is-axon","siteSpaceId":"sitesp_q8hHg","description":"高性能 · AI 原生的 PayFi 公链的完整画像","breadcrumbs":[{"label":"Part I · 愿景与定位"},{"label":"引读：地基与切口"}]},{"id":"1EDtblMTcyDiBpcBJasb","title":"1.3 设计哲学与第一性原理","pathname":"/axon-finance-docs/zh/parti-yuan-jing-yu-ding-wei/part1-vision/1-3-design-principles","siteSpaceId":"sitesp_q8hHg","description":"支撑 AXON 全部技术选择的底层判断","breadcrumbs":[{"label":"Part I · 愿景与定位"},{"label":"引读：地基与切口"}]},{"id":"v4PndshwPAMmTwdP2LI1","title":"引读：为什么是现在","pathname":"/axon-finance-docs/zh/part-ii-shi-chang-yu-ji-hui/part2-market","siteSpaceId":"sitesp_q8hHg","description":"为什么是现在","breadcrumbs":[{"label":"Part II · 市场与机会"}]},{"id":"jcGpvsJkaVicl1gBrsZ5","title":"2.1 稳定币成为全球支付层","pathname":"/axon-finance-docs/zh/part-ii-shi-chang-yu-ji-hui/part2-market/2-1-stablecoin-era","siteSpaceId":"sitesp_q8hHg","description":"从加密工具到全球结算层","breadcrumbs":[{"label":"Part II · 市场与机会"},{"label":"引读：为什么是现在"}]},{"id":"bcityusUyfwYCHLRGU2S","title":"2.2 PayFi 的诞生与货币时间价值","pathname":"/axon-finance-docs/zh/part-ii-shi-chang-yu-ji-hui/part2-market/2-2-payfi-thesis","siteSpaceId":"sitesp_q8hHg","description":"从 DeFi 到 RWA 再到 PayFi 的谱系","breadcrumbs":[{"label":"Part II · 市场与机会"},{"label":"引读：为什么是现在"}]},{"id":"Os9Qd7joaRHDuScGPLAA","title":"2.3 跨境支付的结构性痛点","pathname":"/axon-finance-docs/zh/part-ii-shi-chang-yu-ji-hui/part2-market/2-3-crossborder-pain","siteSpaceId":"sitesp_q8hHg","description":"代理行体系为什么又慢又贵","breadcrumbs":[{"label":"Part II · 市场与机会"},{"label":"引读：为什么是现在"}]},{"id":"2h0aqSd1ugeXKcT740wQ","title":"2.4 AI 代理经济的兴起","pathname":"/axon-finance-docs/zh/part-ii-shi-chang-yu-ji-hui/part2-market/2-4-ai-agent-economy","siteSpaceId":"sitesp_q8hHg","description":"一个全新的、非人类的支付主体","breadcrumbs":[{"label":"Part II · 市场与机会"},{"label":"引读：为什么是现在"}]},{"id":"6BxGNtgfEtzwrBBTwvhk","title":"2.5 竞争格局","pathname":"/axon-finance-docs/zh/part-ii-shi-chang-yu-ji-hui/part2-market/2-5-competitive-landscape","siteSpaceId":"sitesp_q8hHg","description":"谁在这条赛道上，他们的路线与局限","breadcrumbs":[{"label":"Part II · 市场与机会"},{"label":"引读：为什么是现在"}]},{"id":"wStESQqGh6rOUGK1U8i3","title":"2.6 白空间与市场规模","pathname":"/axon-finance-docs/zh/part-ii-shi-chang-yu-ji-hui/part2-market/2-6-whitespace","siteSpaceId":"sitesp_q8hHg","description":"白海在哪里，市场有多大","breadcrumbs":[{"label":"Part II · 市场与机会"},{"label":"引读：为什么是现在"}]},{"id":"71e25XqwywPF8OtE5php","title":"引读：把确定性做进地基","pathname":"/axon-finance-docs/zh/part-iii-ji-shu-jia-gou/part3-architecture","siteSpaceId":"sitesp_q8hHg","description":"把确定性做进地基","breadcrumbs":[{"label":"Part III · 技术架构"}]},{"id":"TiCONf3jpRiTjopbeHrj","title":"3.1 为什么必须自有 L1","pathname":"/axon-finance-docs/zh/part-iii-ji-shu-jia-gou/part3-architecture/3-1-why-own-l1","siteSpaceId":"sitesp_q8hHg","description":"四个无法回避的理由","breadcrumbs":[{"label":"Part III · 技术架构"},{"label":"引读：把确定性做进地基"}]},{"id":"ZWDgdy0cKjZDPhfW6hBF","title":"3.2 五层架构总览","pathname":"/axon-finance-docs/zh/part-iii-ji-shu-jia-gou/part3-architecture/3-2-layered-architecture","siteSpaceId":"sitesp_q8hHg","description":"一笔支付自上而下的旅程","breadcrumbs":[{"label":"Part III · 技术架构"},{"label":"引读：把确定性做进地基"}]},{"id":"X2JbOn9xkzebzcOcJjjf","title":"3.3 共识、亚秒最终性与性能目标","pathname":"/axon-finance-docs/zh/part-iii-ji-shu-jia-gou/part3-architecture/3-3-consensus-finality","siteSpaceId":"sitesp_q8hHg","description":"以及我们如何诚实地对待性能数字","breadcrumbs":[{"label":"Part III · 技术架构"},{"label":"引读：把确定性做进地基"}]},{"id":"MytJ27sygLhApS2gX8TY","title":"3.4 支付最终性与反双花","pathname":"/axon-finance-docs/zh/part-iii-ji-shu-jia-gou/part3-architecture/3-4-payment-finality","siteSpaceId":"sitesp_q8hHg","description":"支付链最难的那件事","breadcrumbs":[{"label":"Part III · 技术架构"},{"label":"引读：把确定性做进地基"}]},{"id":"7e23GhyKyXXCzfqt2cTl","title":"3.5 稳定币与喂价：多源校验与熔断","pathname":"/axon-finance-docs/zh/part-iii-ji-shu-jia-gou/part3-architecture/3-5-oracle-safety","siteSpaceId":"sitesp_q8hHg","description":"杜绝喂价异常引发的连锁清算","breadcrumbs":[{"label":"Part III · 技术架构"},{"label":"引读：把确定性做进地基"}]},{"id":"1y42Jx3rPDSZGsL6fF4r","title":"3.6 可插拔合规网关","pathname":"/axon-finance-docs/zh/part-iii-ji-shu-jia-gou/part3-architecture/3-6-compliance-gateway","siteSpaceId":"sitesp_q8hHg","description":"把合规做进地基","breadcrumbs":[{"label":"Part III · 技术架构"},{"label":"引读：把确定性做进地基"}]},{"id":"ePSJN29eKlywpUBTdL59","title":"3.7 账户抽象、会话密钥与 Paymaster","pathname":"/axon-finance-docs/zh/part-iii-ji-shu-jia-gou/part3-architecture/3-7-account-abstraction","siteSpaceId":"sitesp_q8hHg","description":"为 AI 代理支付铺原语","breadcrumbs":[{"label":"Part III · 技术架构"},{"label":"引读：把确定性做进地基"}]},{"id":"WGpYsesgvR9MRoutYTjC","title":"引读：四场景层层叠加价值","pathname":"/axon-finance-docs/zh/part-iv-payfi-yin-qing/part4-payfi","siteSpaceId":"sitesp_q8hHg","description":"四场景层层叠加价值","breadcrumbs":[{"label":"Part IV · PayFi 引擎"}]},{"id":"STXiKlFjMInf4xz1O7XF","title":"4.1 稳定币即时结算 Rail","pathname":"/axon-finance-docs/zh/part-iv-payfi-yin-qing/part4-payfi/4-1-settlement-rail","siteSpaceId":"sitesp_q8hHg","description":"承载一切的地基场景","breadcrumbs":[{"label":"Part IV · PayFi 引擎"},{"label":"引读：四场景层层叠加价值"}]},{"id":"GpIf0IdochiQh21tYWny","title":"4.2 PayFi 货币市场：浮存金与链上信贷","pathname":"/axon-finance-docs/zh/part-iv-payfi-yin-qing/part4-payfi/4-2-money-market","siteSpaceId":"sitesp_q8hHg","description":"PayFi 的超额收益来源","breadcrumbs":[{"label":"Part IV · PayFi 引擎"},{"label":"引读：四场景层层叠加价值"}]},{"id":"cGixTtaQ7B1OUfBrfw5v","title":"4.3 跨境 B2B 与商户收单","pathname":"/axon-finance-docs/zh/part-iv-payfi-yin-qing/part4-payfi/4-3-crossborder-b2b","siteSpaceId":"sitesp_q8hHg","description":"让 PayFi 触达实体商业","breadcrumbs":[{"label":"Part IV · PayFi 引擎"},{"label":"引读：四场景层层叠加价值"}]},{"id":"QMsm7esxffW6YEPZ5sdf","title":"4.4 货币时间价值的金融学","pathname":"/axon-finance-docs/zh/part-iv-payfi-yin-qing/part4-payfi/4-4-time-value-of-money","siteSpaceId":"sitesp_q8hHg","description":"支撑 PayFi 的金融第一性原理","breadcrumbs":[{"label":"Part IV · PayFi 引擎"},{"label":"引读：四场景层层叠加价值"}]},{"id":"MyEeSiF7M6wD7NoxO5FX","title":"4.5 美股带单引擎：首个开放生态","pathname":"/axon-finance-docs/zh/part-iv-payfi-yin-qing/part4-payfi/4-5-copy-trading-engine","siteSpaceId":"sitesp_q8hHg","description":"用确定性稳定币收益，把外部流量换成 L1 的真实 TVL 与地址","breadcrumbs":[{"label":"Part IV · PayFi 引擎"},{"label":"引读：四场景层层叠加价值"}]},{"id":"ubRpiGYHx4WAjzP6858h","title":"4.6 Crypto U 卡：充值 · 消费 · 绑定微信支付宝","pathname":"/axon-finance-docs/zh/part-iv-payfi-yin-qing/part4-payfi/4-6-u-card","siteSpaceId":"sitesp_q8hHg","description":"把链上稳定币变成口袋里的购买力，L1 结算触达现实世界的最后一公里","breadcrumbs":[{"label":"Part IV · PayFi 引擎"},{"label":"引读：四场景层层叠加价值"}]},{"id":"ixIjkuyhTMbf06TugsrM","title":"4.7 AXON Wallet App：链上转账 · 高价值理财 · 去中心化预测市场","pathname":"/axon-finance-docs/zh/part-iv-payfi-yin-qing/part4-payfi/4-7-wallet-app","siteSpaceId":"sitesp_q8hHg","description":"把 U 卡里的余额变成可编程的链上资本，生态的超级应用中枢","breadcrumbs":[{"label":"Part IV · PayFi 引擎"},{"label":"引读：四场景层层叠加价值"}]},{"id":"TO5VLsYcDt19dxyIrel3","title":"4.8 金融社交生态：完整的金融社交闭环","pathname":"/axon-finance-docs/zh/part-iv-payfi-yin-qing/part4-payfi/4-8-financial-social","siteSpaceId":"sitesp_q8hHg","description":"支付是社交的原语，把结算层长成社交图谱的底层","breadcrumbs":[{"label":"Part IV · PayFi 引擎"},{"label":"引读：四场景层层叠加价值"}]},{"id":"7DBishqIvjt1SHIwj1ns","title":"引读：让 AI 安全地接进支付","pathname":"/axon-finance-docs/zh/partv-ai-yuan-sheng/part5-ai","siteSpaceId":"sitesp_q8hHg","description":"让 AI 安全地接进支付","breadcrumbs":[{"label":"Part V · AI 原生"}]},{"id":"A4KD7hulx3f1clv4AEB0","title":"5.1 Agentic Payments 的真问题：授权与安全","pathname":"/axon-finance-docs/zh/partv-ai-yuan-sheng/part5-ai/5-1-agentic-payments","siteSpaceId":"sitesp_q8hHg","description":"障碍不是能不能付，而是授权与安全","breadcrumbs":[{"label":"Part V · AI 原生"},{"label":"引读：让 AI 安全地接进支付"}]},{"id":"5vmd8xzXaSd6dP8MC7qp","title":"5.2 可控支付执行","pathname":"/axon-finance-docs/zh/partv-ai-yuan-sheng/part5-ai/5-2-controlled-execution","siteSpaceId":"sitesp_q8hHg","description":"AXON 对 AI 支付的答案","breadcrumbs":[{"label":"Part V · AI 原生"},{"label":"引读：让 AI 安全地接进支付"}]},{"id":"AKpazn00GE0zTZK0C5Df","title":"5.3 x402 与 M2M 微支付","pathname":"/axon-finance-docs/zh/partv-ai-yuan-sheng/part5-ai/5-3-x402-m2m","siteSpaceId":"sitesp_q8hHg","description":"机器对机器的原生支付接口","breadcrumbs":[{"label":"Part V · AI 原生"},{"label":"引读：让 AI 安全地接进支付"}]},{"id":"2WKlU41DDEa1OunistJ2","title":"5.4 诚实的 AI 定位","pathname":"/axon-finance-docs/zh/partv-ai-yuan-sheng/part5-ai/5-4-honest-ai","siteSpaceId":"sitesp_q8hHg","description":"用行业的血泪教训，反衬一条更稳健的路","breadcrumbs":[{"label":"Part V · AI 原生"},{"label":"引读：让 AI 安全地接进支付"}]},{"id":"vndB7kui5QFhLMNOcuVJ","title":"引读：每阶段都有退出价值","pathname":"/axon-finance-docs/zh/part-vi-lu-xian-tu-yu-zhi-li/part6-roadmap","siteSpaceId":"sitesp_q8hHg","description":"每阶段都有退出价值","breadcrumbs":[{"label":"Part VI · 路线图与治理"}]},{"id":"t7qaL0AB7iI82zN5ABKN","title":"6.1 路线图 P0 → P3+","pathname":"/axon-finance-docs/zh/part-vi-lu-xian-tu-yu-zhi-li/part6-roadmap/6-1-roadmap","siteSpaceId":"sitesp_q8hHg","description":"从测试网到全球资产网络的四段推进","breadcrumbs":[{"label":"Part VI · 路线图与治理"},{"label":"引读：每阶段都有退出价值"}]},{"id":"ZQp3v8yJwvYZWcMami7l","title":"6.2 治理框架","pathname":"/axon-finance-docs/zh/part-vi-lu-xian-tu-yu-zhi-li/part6-roadmap/6-2-governance","siteSpaceId":"sitesp_q8hHg","description":"从中心化启动到去中心化治理接管","breadcrumbs":[{"label":"Part VI · 路线图与治理"},{"label":"引读：每阶段都有退出价值"}]},{"id":"493pOIECWB8ksvrnsmKY","title":"6.3 团队与资源网络","pathname":"/axon-finance-docs/zh/part-vi-lu-xian-tu-yu-zhi-li/part6-roadmap/6-3-team-partners","siteSpaceId":"sitesp_q8hHg","description":"建造这条链的人，以及支持它的网络","breadcrumbs":[{"label":"Part VI · 路线图与治理"},{"label":"引读：每阶段都有退出价值"}]},{"id":"WLVyKvvamsv7MlpYhSAZ","title":"6.4 生态启动与第一赛季","pathname":"/axon-finance-docs/zh/part-vi-lu-xian-tu-yu-zhi-li/part6-roadmap/6-4-ecosystem-season","siteSpaceId":"sitesp_q8hHg","description":"用生态开放活动招募项目方入驻，用代币激励换真实增长","breadcrumbs":[{"label":"Part VI · 路线图与治理"},{"label":"引读：每阶段都有退出价值"}]},{"id":"CP0ACBigcyuw1ECi7ZBL","title":"引读：价值从哪里来","pathname":"/axon-finance-docs/zh/part-vii-dai-bi-jing-ji/part7-tokenomics","siteSpaceId":"sitesp_q8hHg","description":"供应、分配、解锁、效用与价值捕获","breadcrumbs":[{"label":"Part VII · 代币经济"}]},{"id":"ajJNzHagDshln3Hj9CVY","title":"7.1 供应与分配","pathname":"/axon-finance-docs/zh/part-vii-dai-bi-jing-ji/part7-tokenomics/7-1-supply-allocation","siteSpaceId":"sitesp_q8hHg","description":"10 亿总量与六桶分配框架","breadcrumbs":[{"label":"Part VII · 代币经济"},{"label":"引读：价值从哪里来"}]},{"id":"OSW14FGtIgNiBMzVcyp8","title":"7.2 解锁与流通曲线","pathname":"/axon-finance-docs/zh/part-vii-dai-bi-jing-ji/part7-tokenomics/7-2-vesting-circulation","siteSpaceId":"sitesp_q8hHg","description":"各桶 vesting 与流通释放节奏","breadcrumbs":[{"label":"Part VII · 代币经济"},{"label":"引读：价值从哪里来"}]},{"id":"NOcV7UcjPeoJvnQ5Qa9D","title":"7.3 代币效用与通缩飞轮","pathname":"/axon-finance-docs/zh/part-vii-dai-bi-jing-ji/part7-tokenomics/7-3-utility-flywheel","siteSpaceId":"sitesp_q8hHg","description":"AXON 的六大效用与「收入即通缩」的价值捕获","breadcrumbs":[{"label":"Part VII · 代币经济"},{"label":"引读：价值从哪里来"}]},{"id":"sWeS8Xf6BA1VRqvN2Kqz","title":"附录导航","pathname":"/axon-finance-docs/zh/fu-lu/appendix","siteSpaceId":"sitesp_q8hHg","description":"术语、参数、品牌与来源","breadcrumbs":[{"label":"附录"}]},{"id":"I62zzxj21jlR5JBJXWGp","title":"附录 A · 术语表","pathname":"/axon-finance-docs/zh/fu-lu/appendix/a-glossary","siteSpaceId":"sitesp_q8hHg","description":"全书关键术语的统一定义","breadcrumbs":[{"label":"附录"},{"label":"附录导航"}]},{"id":"Y9gnzrRC0tm0rCDglIA6","title":"附录 B · 参数汇总","pathname":"/axon-finance-docs/zh/fu-lu/appendix/b-parameters","siteSpaceId":"sitesp_q8hHg","description":"性能设计目标与待定参数的集中列表","breadcrumbs":[{"label":"附录"},{"label":"附录导航"}]},{"id":"F0kBoG8OnjvgIHdgv1XU","title":"附录 C · 品牌与商标","pathname":"/axon-finance-docs/zh/fu-lu/appendix/c-brand","siteSpaceId":"sitesp_q8hHg","description":"AXON Finance 视觉识别规范","breadcrumbs":[{"label":"附录"},{"label":"附录导航"}]},{"id":"XzjvttqvjRUMmlQO4234","title":"附录 D · 参考与数据来源","pathname":"/axon-finance-docs/zh/fu-lu/appendix/d-references","siteSpaceId":"sitesp_q8hHg","description":"全书引用数据的来源与口径说明","breadcrumbs":[{"label":"附录"},{"label":"附录导航"}]},{"id":"cIKyqDTp4AwWYTJtdVam","title":"黄皮书导言","pathname":"/axon-finance-docs/zh/ji-shu-huang-pi-shu-technical-yellowpaper/yellowpaper","siteSpaceId":"sitesp_q8hHg","description":"协议技术设计规范","breadcrumbs":[{"label":"技术黄皮书 · Technical Yellowpaper"}]},{"id":"8JI86vOb2lc37kOS2W6p","title":"A.1 系统模型、假设与安全目标","pathname":"/axon-finance-docs/zh/huang-pi-shu-a-xi-tong-mo-xing-yu-mi-ma-xue/a1-system-model","siteSpaceId":"sitesp_q8hHg","description":"网络模型、故障模型与安全性质","breadcrumbs":[{"label":"黄皮书 A · 系统模型与密码学"}]},{"id":"DPEvlQnVn6hX6VzsOskK","title":"A.2 密码学基础与承诺","pathname":"/axon-finance-docs/zh/huang-pi-shu-a-xi-tong-mo-xing-yu-mi-ma-xue/a2-cryptography","siteSpaceId":"sitesp_q8hHg","description":"哈希、签名、聚合与状态承诺","breadcrumbs":[{"label":"黄皮书 A · 系统模型与密码学"}]},{"id":"BVyW9CLPlsmUthTcIE98","title":"B.1 BFT PoS 共识协议","pathname":"/axon-finance-docs/zh/huang-pi-shu-b-gong-shi-yu-zhang-ben/b1-consensus","siteSpaceId":"sitesp_q8hHg","description":"HotStuff 风格的确定性最终性共识","breadcrumbs":[{"label":"黄皮书 B · 共识与账本"}]},{"id":"nJtuEKQ1mlYlmDof0Z8Z","title":"B.2 验证者集合与区块生产","pathname":"/axon-finance-docs/zh/huang-pi-shu-b-gong-shi-yu-zhang-ben/b2-validators","siteSpaceId":"sitesp_q8hHg","description":"权益、领导者选举与集合演化","breadcrumbs":[{"label":"黄皮书 B · 共识与账本"}]},{"id":"osneaPMPgkZs2gxJISCB","title":"B.3 状态模型与状态承诺","pathname":"/axon-finance-docs/zh/huang-pi-shu-b-gong-shi-yu-zhang-ben/b3-state","siteSpaceId":"sitesp_q8hHg","description":"账户模型、状态转换与可证明状态根","breadcrumbs":[{"label":"黄皮书 B · 共识与账本"}]},{"id":"whu3XiYA0eEDyLUipD3N","title":"B.4 排序层、Entry-Log 与确定性执行","pathname":"/axon-finance-docs/zh/huang-pi-shu-b-gong-shi-yu-zhang-ben/b4-sequencing","siteSpaceId":"sitesp_q8hHg","description":"全局单调序号、预写日志与可重放性","breadcrumbs":[{"label":"黄皮书 B · 共识与账本"}]},{"id":"ZCv2o93ZJpWbVS5eVNa5","title":"B.5 支付最终性、反双花与恢复","pathname":"/axon-finance-docs/zh/huang-pi-shu-b-gong-shi-yu-zhang-ben/b5-finality","siteSpaceId":"sitesp_q8hHg","description":"交易状态机与双花不可能性","breadcrumbs":[{"label":"黄皮书 B · 共识与账本"}]},{"id":"jrcXkooJqxvSZ6saa0ve","title":"C.1 账户抽象与交易执行","pathname":"/axon-finance-docs/zh/huang-pi-shu-c-zhang-hu-chou-xiang-yu-ai-shou-quan/c1-account-abstraction","siteSpaceId":"sitesp_q8hHg","description":"链层原生的可编程账户","breadcrumbs":[{"label":"黄皮书 C · 账户抽象与 AI 授权"}]},{"id":"j1Wae5sAaJcTOyCvaZlT","title":"C.2 会话密钥与授权模型","pathname":"/axon-finance-docs/zh/huang-pi-shu-c-zhang-hu-chou-xiang-yu-ai-shou-quan/c2-session-keys","siteSpaceId":"sitesp_q8hHg","description":"AI 代理支付的形式化授权","breadcrumbs":[{"label":"黄皮书 C · 账户抽象与 AI 授权"}]},{"id":"dwnmlYupahDqbie7O1zZ","title":"C.3 策略沙盒与 Paymaster","pathname":"/axon-finance-docs/zh/huang-pi-shu-c-zhang-hu-chou-xiang-yu-ai-shou-quan/c3-policy-paymaster","siteSpaceId":"sitesp_q8hHg","description":"可验证策略执行与费用代付","breadcrumbs":[{"label":"黄皮书 C · 账户抽象与 AI 授权"}]},{"id":"uCTaqrWLa5Aj3CSyC0f6","title":"D.1 稳定币结算引擎","pathname":"/axon-finance-docs/zh/huang-pi-shu-d-jie-suan-wei-jia-he-gui/d1-settlement","siteSpaceId":"sitesp_q8hHg","description":"链层原生的多资产原子结算","breadcrumbs":[{"label":"黄皮书 D · 结算 · 喂价 · 合规"}]},{"id":"jsAPCTTAQODUaZSGYoB1","title":"D.2 预言机与喂价安全","pathname":"/axon-finance-docs/zh/huang-pi-shu-d-jie-suan-wei-jia-he-gui/d2-oracle","siteSpaceId":"sitesp_q8hHg","description":"多源聚合、偏差熔断与脱锚保护","breadcrumbs":[{"label":"黄皮书 D · 结算 · 喂价 · 合规"}]},{"id":"4bWwSTeA5EQ0cltJsiyo","title":"D.3 可插拔合规网关","pathname":"/axon-finance-docs/zh/huang-pi-shu-d-jie-suan-wei-jia-he-gui/d3-compliance","siteSpaceId":"sitesp_q8hHg","description":"地基层的合规 hook 架构","breadcrumbs":[{"label":"黄皮书 D · 结算 · 喂价 · 合规"}]},{"id":"JFLF0sknc7a7D1zY8mrr","title":"E.1 PayFi 货币市场","pathname":"/axon-finance-docs/zh/huang-pi-shu-e-payfi-xie-yi-ji-zhi/e1-money-market","siteSpaceId":"sitesp_q8hHg","description":"资金池、利率曲线与健康因子","breadcrumbs":[{"label":"黄皮书 E · PayFi 协议机制"}]},{"id":"7ZAbRptWTnmvcKZ3Jebb","title":"E.2 信贷风控与清算","pathname":"/axon-finance-docs/zh/huang-pi-shu-e-payfi-xie-yi-ji-zhi/e2-liquidation","siteSpaceId":"sitesp_q8hHg","description":"清算触发、瀑布与风险准备金","breadcrumbs":[{"label":"黄皮书 E · PayFi 协议机制"}]},{"id":"uNjFecvyteYsDE6HGjWP","title":"E.3 美股带单引擎","pathname":"/axon-finance-docs/zh/huang-pi-shu-e-payfi-xie-yi-ji-zhi/e3-copy-trading","siteSpaceId":"sitesp_q8hHg","description":"首个开放生态的协议机制：托管、结算证明与授权","breadcrumbs":[{"label":"黄皮书 E · PayFi 协议机制"}]},{"id":"t9b08OxnhNCwr2uuWxpq","title":"E.4 带单准备金与风控","pathname":"/axon-finance-docs/zh/huang-pi-shu-e-payfi-xie-yi-ji-zhi/e4-reserve-risk","siteSpaceId":"sitesp_q8hHg","description":"偿付模型、覆盖率不变式、熔断与黑天鹅保护","breadcrumbs":[{"label":"黄皮书 E · PayFi 协议机制"}]},{"id":"iDcHc1pUPycFRNoT5SA8","title":"F.1 Gas 与费用市场","pathname":"/axon-finance-docs/zh/huang-pi-shu-f-xie-yi-jing-ji-yu-an-quan/f1-gas-fees","siteSpaceId":"sitesp_q8hHg","description":"支付级可预测费用模型","breadcrumbs":[{"label":"黄皮书 F · 协议经济与安全"}]},{"id":"HPiMIG6NQOgHgwDXyKk7","title":"F.2 质押、验证者经济与罚没","pathname":"/axon-finance-docs/zh/huang-pi-shu-f-xie-yi-jing-ji-yu-an-quan/f2-staking-slashing","siteSpaceId":"sitesp_q8hHg","description":"PoS 安全的经济激励","breadcrumbs":[{"label":"黄皮书 F · 协议经济与安全"}]},{"id":"SnnyCirz8gR83uFZzsvC","title":"F.3 安全模型与威胁分析","pathname":"/axon-finance-docs/zh/huang-pi-shu-f-xie-yi-jing-ji-yu-an-quan/f3-security","siteSpaceId":"sitesp_q8hHg","description":"威胁矩阵与缓解","breadcrumbs":[{"label":"黄皮书 F · 协议经济与安全"}]},{"id":"B29vffvFQ2o9R5bCbloY","title":"G.1 网络层与交易传播","pathname":"/axon-finance-docs/zh/huang-pi-shu-g-wang-luo-yu-xing-neng/g1-networking","siteSpaceId":"sitesp_q8hHg","description":"P2P、内存池与区块传播","breadcrumbs":[{"label":"黄皮书 G · 网络与性能"}]},{"id":"9yaaKBBufvUZiEuQgeiQ","title":"G.2 性能模型与设计目标","pathname":"/axon-finance-docs/zh/huang-pi-shu-g-wang-luo-yu-xing-neng/g2-performance","siteSpaceId":"sitesp_q8hHg","description":"吞吐/延迟分析与目标推导","breadcrumbs":[{"label":"黄皮书 G · 网络与性能"}]},{"id":"bh5Cfiuc5cI2w2WaHURC","title":"附录 I · 符号表","pathname":"/axon-finance-docs/zh/huang-pi-shu-fu-lu/appendix-notation","siteSpaceId":"sitesp_q8hHg","description":"全文形式化记号约定","breadcrumbs":[{"label":"黄皮书 · 附录"}]},{"id":"jUmCxIugXDguew9rdaB5","title":"附录 II · 协议参数表","pathname":"/axon-finance-docs/zh/huang-pi-shu-fu-lu/appendix-parameters","siteSpaceId":"sitesp_q8hHg","description":"协议参数与状态标注","breadcrumbs":[{"label":"黄皮书 · 附录"}]},{"id":"69Gy04uVK0ujpHGusnyx","title":"附录 III · 核心数据结构","pathname":"/axon-finance-docs/zh/huang-pi-shu-fu-lu/appendix-datastructures","siteSpaceId":"sitesp_q8hHg","description":"区块、交易、账户与证明的定义","breadcrumbs":[{"label":"黄皮书 · 附录"}]},{"id":"j2urzA0Bzb9TTOinOyiq","title":"AXON Finance Whitepaper","pathname":"/axon-finance-docs","siteSpaceId":"sitesp_A0orq","lang":"en","description":"The high-performance, AI-native PayFi L1"},{"id":"B3McThSjyVV4lJzSdgw1","title":"Intro: Foundation & Wedge","pathname":"/axon-finance-docs/part-i-vision-and-positioning/part1-vision","siteSpaceId":"sitesp_A0orq","lang":"en","description":"The foundation and the wedge","breadcrumbs":[{"label":"Part I · Vision & Positioning"}]},{"id":"taA98rGNx0xybA2uNcPW","title":"1.1 Core Thesis: The L1 Is the Foundation, PayFi Is the Wedge","pathname":"/axon-finance-docs/part-i-vision-and-positioning/part1-vision/1-1-thesis","siteSpaceId":"sitesp_A0orq","lang":"en","description":"AXON's two-layer strategy and wedge logic","breadcrumbs":[{"label":"Part I · Vision & Positioning"},{"label":"Intro: Foundation & Wedge"}]},{"id":"CSbW5IVSxPbJsdsFTv5P","title":"1.2 What Is AXON Finance: The Two-Layer Narrative","pathname":"/axon-finance-docs/part-i-vision-and-positioning/part1-vision/1-2-what-is-axon","siteSpaceId":"sitesp_A0orq","lang":"en","description":"The full picture of a high-performance, AI-native PayFi blockchain","breadcrumbs":[{"label":"Part I · Vision & Positioning"},{"label":"Intro: Foundation & Wedge"}]},{"id":"v3gqNX9ruRo03C0pFsHG","title":"1.3 Design Philosophy & First Principles","pathname":"/axon-finance-docs/part-i-vision-and-positioning/part1-vision/1-3-design-principles","siteSpaceId":"sitesp_A0orq","lang":"en","description":"The underlying judgments behind every technical choice at AXON","breadcrumbs":[{"label":"Part I · Vision & Positioning"},{"label":"Intro: Foundation & Wedge"}]},{"id":"E2P2leYeFRLCToECnpNe","title":"Intro: Why Now","pathname":"/axon-finance-docs/part-ii-market-and-opportunity/part2-market","siteSpaceId":"sitesp_A0orq","lang":"en","description":"Why now","breadcrumbs":[{"label":"Part II · Market & Opportunity"}]},{"id":"nSIhqkT9LvAWWNyuUHd2","title":"2.1 Stablecoins Become the Global Payment Layer","pathname":"/axon-finance-docs/part-ii-market-and-opportunity/part2-market/2-1-stablecoin-era","siteSpaceId":"sitesp_A0orq","lang":"en","description":"From a crypto tool to the global settlement layer","breadcrumbs":[{"label":"Part II · Market & Opportunity"},{"label":"Intro: Why Now"}]},{"id":"xjPRl78WORXh2e8vBbu9","title":"2.2 The Rise of PayFi & the Time Value of Money","pathname":"/axon-finance-docs/part-ii-market-and-opportunity/part2-market/2-2-payfi-thesis","siteSpaceId":"sitesp_A0orq","lang":"en","description":"The lineage from DeFi to RWA to PayFi","breadcrumbs":[{"label":"Part II · Market & Opportunity"},{"label":"Intro: Why Now"}]},{"id":"2A2tBqq1hUZPp5cBm9zR","title":"2.3 The Structural Pain of Cross-Border Payments","pathname":"/axon-finance-docs/part-ii-market-and-opportunity/part2-market/2-3-crossborder-pain","siteSpaceId":"sitesp_A0orq","lang":"en","description":"Why the correspondent-banking system is slow and expensive","breadcrumbs":[{"label":"Part II · Market & Opportunity"},{"label":"Intro: Why Now"}]},{"id":"rJiU6N28SP5Pu6XmM8cF","title":"2.4 The Rise of the AI-Agent Economy","pathname":"/axon-finance-docs/part-ii-market-and-opportunity/part2-market/2-4-ai-agent-economy","siteSpaceId":"sitesp_A0orq","lang":"en","description":"A brand-new, non-human payment actor","breadcrumbs":[{"label":"Part II · Market & Opportunity"},{"label":"Intro: Why Now"}]},{"id":"3HYAKB2lfMHdnXrcrxAp","title":"2.5 Competitive Landscape","pathname":"/axon-finance-docs/part-ii-market-and-opportunity/part2-market/2-5-competitive-landscape","siteSpaceId":"sitesp_A0orq","lang":"en","description":"Who is on this track, and their paths and limits","breadcrumbs":[{"label":"Part II · Market & Opportunity"},{"label":"Intro: Why Now"}]},{"id":"jsOj0ivKWaDb46DgNgPw","title":"2.6 Whitespace & Market Size","pathname":"/axon-finance-docs/part-ii-market-and-opportunity/part2-market/2-6-whitespace","siteSpaceId":"sitesp_A0orq","lang":"en","description":"Where the whitespace is, and how large the market is","breadcrumbs":[{"label":"Part II · Market & Opportunity"},{"label":"Intro: Why Now"}]},{"id":"Dcwv4kV5aZ0nQE0LaLQs","title":"Intro: Building Determinism into the Foundation","pathname":"/axon-finance-docs/part-iii-technical-architecture/part3-architecture","siteSpaceId":"sitesp_A0orq","lang":"en","description":"Building determinism into the foundation","breadcrumbs":[{"label":"Part III · Technical Architecture"}]},{"id":"YyiAGvxWafDpywOK2BjD","title":"3.1 Why a Purpose-Built L1","pathname":"/axon-finance-docs/part-iii-technical-architecture/part3-architecture/3-1-why-own-l1","siteSpaceId":"sitesp_A0orq","lang":"en","description":"Four reasons that cannot be sidestepped","breadcrumbs":[{"label":"Part III · Technical Architecture"},{"label":"Intro: Building Determinism into the Foundation"}]},{"id":"PxoCRmWK51s3KVyq8j51","title":"3.2 The Five-Layer Architecture","pathname":"/axon-finance-docs/part-iii-technical-architecture/part3-architecture/3-2-layered-architecture","siteSpaceId":"sitesp_A0orq","lang":"en","description":"A payment's journey from the top down","breadcrumbs":[{"label":"Part III · Technical Architecture"},{"label":"Intro: Building Determinism into the Foundation"}]},{"id":"yzZb10UfnA3xbgV62xX8","title":"3.3 Consensus, Sub-Second Finality & Performance Targets","pathname":"/axon-finance-docs/part-iii-technical-architecture/part3-architecture/3-3-consensus-finality","siteSpaceId":"sitesp_A0orq","lang":"en","description":"And how we treat performance numbers honestly","breadcrumbs":[{"label":"Part III · Technical Architecture"},{"label":"Intro: Building Determinism into the Foundation"}]},{"id":"uObLiDu6DrMN57KzXyrX","title":"3.4 Payment Finality & Double-Spend Prevention","pathname":"/axon-finance-docs/part-iii-technical-architecture/part3-architecture/3-4-payment-finality","siteSpaceId":"sitesp_A0orq","lang":"en","description":"The hardest thing a payment chain does","breadcrumbs":[{"label":"Part III · Technical Architecture"},{"label":"Intro: Building Determinism into the Foundation"}]},{"id":"tr8GYCySuWlynMqWKOLq","title":"3.5 Stablecoins & Price Feeds: Multi-Source Validation and Circuit Breakers","pathname":"/axon-finance-docs/part-iii-technical-architecture/part3-architecture/3-5-oracle-safety","siteSpaceId":"sitesp_A0orq","lang":"en","description":"Preventing feed anomalies from triggering cascading liquidations","breadcrumbs":[{"label":"Part III · Technical Architecture"},{"label":"Intro: Building Determinism into the Foundation"}]},{"id":"n93poQ18DUC9AZFqNaE1","title":"3.6 Pluggable Compliance Gateway","pathname":"/axon-finance-docs/part-iii-technical-architecture/part3-architecture/3-6-compliance-gateway","siteSpaceId":"sitesp_A0orq","lang":"en","description":"Building compliance into the foundation","breadcrumbs":[{"label":"Part III · Technical Architecture"},{"label":"Intro: Building Determinism into the Foundation"}]},{"id":"ux2u9jLUIBGSg7k5fnnK","title":"3.7 Account Abstraction, Session Keys & Paymaster","pathname":"/axon-finance-docs/part-iii-technical-architecture/part3-architecture/3-7-account-abstraction","siteSpaceId":"sitesp_A0orq","lang":"en","description":"Laying the primitives for AI-agent payments","breadcrumbs":[{"label":"Part III · Technical Architecture"},{"label":"Intro: Building Determinism into the Foundation"}]},{"id":"O77LLttOPlAkjjQwZLQ0","title":"Intro: Four Scenarios Stacking Value","pathname":"/axon-finance-docs/part-iv-the-payfi-engine/part4-payfi","siteSpaceId":"sitesp_A0orq","lang":"en","description":"Four scenarios stacking value","breadcrumbs":[{"label":"Part IV · The PayFi Engine"}]},{"id":"PKXeVQlUwfTQiq65vmlm","title":"4.1 Instant Stablecoin Settlement Rail","pathname":"/axon-finance-docs/part-iv-the-payfi-engine/part4-payfi/4-1-settlement-rail","siteSpaceId":"sitesp_A0orq","lang":"en","description":"The foundation scenario that carries everything","breadcrumbs":[{"label":"Part IV · The PayFi Engine"},{"label":"Intro: Four Scenarios Stacking Value"}]},{"id":"NjCOoQuVy1Jb1AHjaVmj","title":"4.2 PayFi Money Market: Float & On-Chain Credit","pathname":"/axon-finance-docs/part-iv-the-payfi-engine/part4-payfi/4-2-money-market","siteSpaceId":"sitesp_A0orq","lang":"en","description":"PayFi's source of excess yield","breadcrumbs":[{"label":"Part IV · The PayFi Engine"},{"label":"Intro: Four Scenarios Stacking Value"}]},{"id":"BZfZZwIZXILiFDATA4jf","title":"4.3 Cross-Border B2B & Merchant Acquiring","pathname":"/axon-finance-docs/part-iv-the-payfi-engine/part4-payfi/4-3-crossborder-b2b","siteSpaceId":"sitesp_A0orq","lang":"en","description":"Bringing PayFi to real-world commerce","breadcrumbs":[{"label":"Part IV · The PayFi Engine"},{"label":"Intro: Four Scenarios Stacking Value"}]},{"id":"UEMFPRAcGQg33ddqAnCn","title":"4.4 The Finance of the Time Value of Money","pathname":"/axon-finance-docs/part-iv-the-payfi-engine/part4-payfi/4-4-time-value-of-money","siteSpaceId":"sitesp_A0orq","lang":"en","description":"The financial first principle underpinning PayFi","breadcrumbs":[{"label":"Part IV · The PayFi Engine"},{"label":"Intro: Four Scenarios Stacking Value"}]},{"id":"oZyJYiD5aCqL2gBotgDB","title":"4.5 The US-Equity Copy-Trading Engine: First Open Ecosystem","pathname":"/axon-finance-docs/part-iv-the-payfi-engine/part4-payfi/4-5-copy-trading-engine","siteSpaceId":"sitesp_A0orq","lang":"en","description":"Using deterministic stablecoin yield to convert external traffic into the L1's real TVL and addresses","breadcrumbs":[{"label":"Part IV · The PayFi Engine"},{"label":"Intro: Four Scenarios Stacking Value"}]},{"id":"MEYM5glitPoJt3KUSAW2","title":"4.6 The Crypto U-Card: Top-up, Spend, Bind WeChat/Alipay","pathname":"/axon-finance-docs/part-iv-the-payfi-engine/part4-payfi/4-6-u-card","siteSpaceId":"sitesp_A0orq","lang":"en","description":"Turning on-chain stablecoins into purchasing power in your pocket — the last mile from L1 settlement to the real world","breadcrumbs":[{"label":"Part IV · The PayFi Engine"},{"label":"Intro: Four Scenarios Stacking Value"}]},{"id":"t2pgq0f17uavxPsVACdg","title":"4.7 AXON Wallet App: On-Chain Transfers, High-Value Yield, Decentralized Prediction Markets","pathname":"/axon-finance-docs/part-iv-the-payfi-engine/part4-payfi/4-7-wallet-app","siteSpaceId":"sitesp_A0orq","lang":"en","description":"Turning the balance in your U-Card into programmable on-chain capital — the ecosystem's super-app hub","breadcrumbs":[{"label":"Part IV · The PayFi Engine"},{"label":"Intro: Four Scenarios Stacking Value"}]},{"id":"EunQlOyDuicvevAmSiHP","title":"4.8 The Financial-Social Ecosystem: A Complete Financial-Social Loop","pathname":"/axon-finance-docs/part-iv-the-payfi-engine/part4-payfi/4-8-financial-social","siteSpaceId":"sitesp_A0orq","lang":"en","description":"Payment is the primitive of social interaction — growing the settlement layer into the substrate of a social graph","breadcrumbs":[{"label":"Part IV · The PayFi Engine"},{"label":"Intro: Four Scenarios Stacking Value"}]},{"id":"4yfgqJU5xaHO86FHVS5T","title":"Intro: Safely Connecting AI to Payments","pathname":"/axon-finance-docs/part-v-ai-native/part5-ai","siteSpaceId":"sitesp_A0orq","lang":"en","description":"Safely connecting AI to payments","breadcrumbs":[{"label":"Part V · AI-Native"}]},{"id":"xqo0ayV3bIUa2BFrI0QU","title":"5.1 The Real Problem of Agentic Payments: Authorization & Safety","pathname":"/axon-finance-docs/part-v-ai-native/part5-ai/5-1-agentic-payments","siteSpaceId":"sitesp_A0orq","lang":"en","description":"The obstacle isn't whether AI can pay, but authorization and safety","breadcrumbs":[{"label":"Part V · AI-Native"},{"label":"Intro: Safely Connecting AI to Payments"}]},{"id":"8gHUBG8JydtOnhBEbLon","title":"5.2 Controlled Payment Execution","pathname":"/axon-finance-docs/part-v-ai-native/part5-ai/5-2-controlled-execution","siteSpaceId":"sitesp_A0orq","lang":"en","description":"AXON's answer to AI payments","breadcrumbs":[{"label":"Part V · AI-Native"},{"label":"Intro: Safely Connecting AI to Payments"}]},{"id":"YA6jvJho2fc08sXgiGiH","title":"5.3 x402 & M2M Micro-Payments","pathname":"/axon-finance-docs/part-v-ai-native/part5-ai/5-3-x402-m2m","siteSpaceId":"sitesp_A0orq","lang":"en","description":"The native machine-to-machine payment interface","breadcrumbs":[{"label":"Part V · AI-Native"},{"label":"Intro: Safely Connecting AI to Payments"}]},{"id":"IJeGGY4CA33YGfL8C08N","title":"5.4 An Honest Positioning for AI","pathname":"/axon-finance-docs/part-v-ai-native/part5-ai/5-4-honest-ai","siteSpaceId":"sitesp_A0orq","lang":"en","description":"Using the industry's hard-won lessons to throw a steadier path into relief","breadcrumbs":[{"label":"Part V · AI-Native"},{"label":"Intro: Safely Connecting AI to Payments"}]},{"id":"oCxavD76UqUCs3VAgruE","title":"Intro: Every Stage Has Exit Value","pathname":"/axon-finance-docs/part-vi-roadmap-and-governance/part6-roadmap","siteSpaceId":"sitesp_A0orq","lang":"en","description":"Every stage has exit value","breadcrumbs":[{"label":"Part VI · Roadmap & Governance"}]},{"id":"8Ts74GyqTh18uawz4tyv","title":"6.1 Roadmap P0 → P3+","pathname":"/axon-finance-docs/part-vi-roadmap-and-governance/part6-roadmap/6-1-roadmap","siteSpaceId":"sitesp_A0orq","lang":"en","description":"A four-stage advance from testnet to a global asset network","breadcrumbs":[{"label":"Part VI · Roadmap & Governance"},{"label":"Intro: Every Stage Has Exit Value"}]},{"id":"elIaSiLcAoUHkk9mfCIH","title":"6.2 Governance Framework","pathname":"/axon-finance-docs/part-vi-roadmap-and-governance/part6-roadmap/6-2-governance","siteSpaceId":"sitesp_A0orq","lang":"en","description":"From a centralized launch to decentralized governance taking over","breadcrumbs":[{"label":"Part VI · Roadmap & Governance"},{"label":"Intro: Every Stage Has Exit Value"}]},{"id":"tbrH5rIxY4i6iljfI0Sp","title":"6.3 Team & Resource Network","pathname":"/axon-finance-docs/part-vi-roadmap-and-governance/part6-roadmap/6-3-team-partners","siteSpaceId":"sitesp_A0orq","lang":"en","description":"The people building this chain, and the network supporting it","breadcrumbs":[{"label":"Part VI · Roadmap & Governance"},{"label":"Intro: Every Stage Has Exit Value"}]},{"id":"QBZFgmYdtNPgh3RpsxPR","title":"6.4 Ecosystem Launch & Season 1","pathname":"/axon-finance-docs/part-vi-roadmap-and-governance/part6-roadmap/6-4-ecosystem-season","siteSpaceId":"sitesp_A0orq","lang":"en","description":"Recruiting project teams with an ecosystem open program, trading token incentives for real growth","breadcrumbs":[{"label":"Part VI · Roadmap & Governance"},{"label":"Intro: Every Stage Has Exit Value"}]},{"id":"i8LL5n3yGXeeA5mC8dAB","title":"Intro: Where the Value Comes From","pathname":"/axon-finance-docs/part-vii-tokenomics/part7-tokenomics","siteSpaceId":"sitesp_A0orq","lang":"en","description":"Supply, allocation, vesting, utility, and value capture","breadcrumbs":[{"label":"Part VII · Tokenomics"}]},{"id":"2xiVbHMjmzfEktOkAaCb","title":"7.1 Supply & Allocation","pathname":"/axon-finance-docs/part-vii-tokenomics/part7-tokenomics/7-1-supply-allocation","siteSpaceId":"sitesp_A0orq","lang":"en","description":"1B total supply and the six-bucket allocation framework","breadcrumbs":[{"label":"Part VII · Tokenomics"},{"label":"Intro: Where the Value Comes From"}]},{"id":"NxjQbzMkjaYv69NdO1MW","title":"7.2 Vesting & Circulating Supply","pathname":"/axon-finance-docs/part-vii-tokenomics/part7-tokenomics/7-2-vesting-circulation","siteSpaceId":"sitesp_A0orq","lang":"en","description":"Each bucket's vesting and the circulating-release cadence","breadcrumbs":[{"label":"Part VII · Tokenomics"},{"label":"Intro: Where the Value Comes From"}]},{"id":"z09NPwgRsVcrqyRERBpi","title":"7.3 Token Utility & the Deflationary Flywheel","pathname":"/axon-finance-docs/part-vii-tokenomics/part7-tokenomics/7-3-utility-flywheel","siteSpaceId":"sitesp_A0orq","lang":"en","description":"AXON's six utilities and the \"revenue is deflation\" value capture","breadcrumbs":[{"label":"Part VII · Tokenomics"},{"label":"Intro: Where the Value Comes From"}]},{"id":"f7i2rrCL8S25lYMiPVNG","title":"Appendix Navigation","pathname":"/axon-finance-docs/appendix/appendix","siteSpaceId":"sitesp_A0orq","lang":"en","description":"Glossary, parameters, brand, and sources","breadcrumbs":[{"label":"Appendix"}]},{"id":"srzENZVjq9Fj56OvrTo9","title":"Appendix A · Glossary","pathname":"/axon-finance-docs/appendix/appendix/a-glossary","siteSpaceId":"sitesp_A0orq","lang":"en","description":"Unified definitions of the key terms used throughout the book","breadcrumbs":[{"label":"Appendix"},{"label":"Appendix Navigation"}]},{"id":"INQwwYJrT4aPkkwTyWyN","title":"Appendix B · Parameter Summary","pathname":"/axon-finance-docs/appendix/appendix/b-parameters","siteSpaceId":"sitesp_A0orq","lang":"en","description":"A consolidated list of performance design targets and TBD parameters","breadcrumbs":[{"label":"Appendix"},{"label":"Appendix Navigation"}]},{"id":"zZrs6PqF5LshMDeCg6dy","title":"Appendix C · Brand & Trademark","pathname":"/axon-finance-docs/appendix/appendix/c-brand","siteSpaceId":"sitesp_A0orq","lang":"en","description":"AXON Finance visual-identity guidelines","breadcrumbs":[{"label":"Appendix"},{"label":"Appendix Navigation"}]},{"id":"qlOEFRnNYgHawO8mXaS1","title":"Appendix D · References & Data Sources","pathname":"/axon-finance-docs/appendix/appendix/d-references","siteSpaceId":"sitesp_A0orq","lang":"en","description":"The sources and reporting basis for the data cited throughout the book","breadcrumbs":[{"label":"Appendix"},{"label":"Appendix Navigation"}]},{"id":"bQiqFRhWz5yO0ZY1xSHk","title":"Yellowpaper Introduction","pathname":"/axon-finance-docs/technical-yellowpaper/yellowpaper","siteSpaceId":"sitesp_A0orq","lang":"en","description":"Protocol technical design specification","breadcrumbs":[{"label":"Technical Yellowpaper"}]},{"id":"dLBAHAqL8SQV9ezCPGpS","title":"A.1 System Model, Assumptions & Security Goals","pathname":"/axon-finance-docs/yellowpaper-a-system-model-and-cryptography/a1-system-model","siteSpaceId":"sitesp_A0orq","lang":"en","description":"Network model, fault model, and security properties","breadcrumbs":[{"label":"Yellowpaper A · System Model & Cryptography"}]},{"id":"ztectZPzjkvLvZA4iFxi","title":"A.2 Cryptographic Primitives & Commitments","pathname":"/axon-finance-docs/yellowpaper-a-system-model-and-cryptography/a2-cryptography","siteSpaceId":"sitesp_A0orq","lang":"en","description":"Hashing, signatures, aggregation, and state commitments","breadcrumbs":[{"label":"Yellowpaper A · System Model & Cryptography"}]},{"id":"2gVXHQTvQEEyNXywry1q","title":"B.1 BFT PoS Consensus Protocol","pathname":"/axon-finance-docs/yellowpaper-b-consensus-and-ledger/b1-consensus","siteSpaceId":"sitesp_A0orq","lang":"en","description":"HotStuff-style consensus with deterministic finality","breadcrumbs":[{"label":"Yellowpaper B · Consensus & Ledger"}]},{"id":"sBTBpJUmog3H6hJrORPU","title":"B.2 Validator Set & Block Production","pathname":"/axon-finance-docs/yellowpaper-b-consensus-and-ledger/b2-validators","siteSpaceId":"sitesp_A0orq","lang":"en","description":"Stake, leader election, and set evolution","breadcrumbs":[{"label":"Yellowpaper B · Consensus & Ledger"}]},{"id":"rr8Kc1ImuBn517RHet9t","title":"B.3 State Model & State Commitments","pathname":"/axon-finance-docs/yellowpaper-b-consensus-and-ledger/b3-state","siteSpaceId":"sitesp_A0orq","lang":"en","description":"Account model, state transitions, and provable state root","breadcrumbs":[{"label":"Yellowpaper B · Consensus & Ledger"}]},{"id":"7k98XLLeZ8raIWFXCUCq","title":"B.4 Sequencing, Entry-Log & Deterministic Execution","pathname":"/axon-finance-docs/yellowpaper-b-consensus-and-ledger/b4-sequencing","siteSpaceId":"sitesp_A0orq","lang":"en","description":"Global monotonic sequence numbers, write-ahead log, and replayability","breadcrumbs":[{"label":"Yellowpaper B · Consensus & Ledger"}]},{"id":"vfHOiMcdNyGwCCGqwsNJ","title":"B.5 Payment Finality, Double-Spend Prevention & Recovery","pathname":"/axon-finance-docs/yellowpaper-b-consensus-and-ledger/b5-finality","siteSpaceId":"sitesp_A0orq","lang":"en","description":"Transaction state machine and the impossibility of double-spending","breadcrumbs":[{"label":"Yellowpaper B · Consensus & Ledger"}]},{"id":"WknFFvd7vFF8P0OgyN0p","title":"C.1 Account Abstraction & Transaction Execution","pathname":"/axon-finance-docs/yellowpaper-c-account-abstraction-and-ai-authorization/c1-account-abstraction","siteSpaceId":"sitesp_A0orq","lang":"en","description":"Chain-native programmable accounts","breadcrumbs":[{"label":"Yellowpaper C · Account Abstraction & AI Authorization"}]},{"id":"Yv6ilfq7UGMZX8Zy4xEb","title":"C.2 Session Keys & the Authorization Model","pathname":"/axon-finance-docs/yellowpaper-c-account-abstraction-and-ai-authorization/c2-session-keys","siteSpaceId":"sitesp_A0orq","lang":"en","description":"Formalized authorization for AI-agent payments","breadcrumbs":[{"label":"Yellowpaper C · Account Abstraction & AI Authorization"}]},{"id":"v5KAtyL6xXhHiPUW93AU","title":"C.3 Policy Sandbox & Paymaster","pathname":"/axon-finance-docs/yellowpaper-c-account-abstraction-and-ai-authorization/c3-policy-paymaster","siteSpaceId":"sitesp_A0orq","lang":"en","description":"Verifiable policy execution and fee sponsorship","breadcrumbs":[{"label":"Yellowpaper C · Account Abstraction & AI Authorization"}]},{"id":"SXAGLxFMfhXiqHKEFEXD","title":"D.1 Stablecoin Settlement Engine","pathname":"/axon-finance-docs/yellowpaper-d-settlement-oracle-compliance/d1-settlement","siteSpaceId":"sitesp_A0orq","lang":"en","description":"Chain-native multi-asset atomic settlement","breadcrumbs":[{"label":"Yellowpaper D · Settlement · Oracle · Compliance"}]},{"id":"q48LUjDeCxgUPjkAcBnd","title":"D.2 Oracle & Price-Feed Safety","pathname":"/axon-finance-docs/yellowpaper-d-settlement-oracle-compliance/d2-oracle","siteSpaceId":"sitesp_A0orq","lang":"en","description":"Multi-source aggregation, deviation circuit-breakers, and depeg protection","breadcrumbs":[{"label":"Yellowpaper D · Settlement · Oracle · Compliance"}]},{"id":"aYf2YFxpRckUSd6lZSmq","title":"D.3 Pluggable Compliance Gateway","pathname":"/axon-finance-docs/yellowpaper-d-settlement-oracle-compliance/d3-compliance","siteSpaceId":"sitesp_A0orq","lang":"en","description":"A foundation-layer compliance hook architecture","breadcrumbs":[{"label":"Yellowpaper D · Settlement · Oracle · Compliance"}]},{"id":"d6sHjPPQ8tnKjeOrjvYN","title":"E.1 PayFi Money Market","pathname":"/axon-finance-docs/yellowpaper-e-payfi-protocol-mechanisms/e1-money-market","siteSpaceId":"sitesp_A0orq","lang":"en","description":"Liquidity pools, interest-rate curves, and the health factor","breadcrumbs":[{"label":"Yellowpaper E · PayFi Protocol Mechanisms"}]},{"id":"n7BchFe4ZloV6r8bI5Gs","title":"E.2 Credit Risk Control & Liquidation","pathname":"/axon-finance-docs/yellowpaper-e-payfi-protocol-mechanisms/e2-liquidation","siteSpaceId":"sitesp_A0orq","lang":"en","description":"Liquidation triggers, the waterfall, and the risk reserve","breadcrumbs":[{"label":"Yellowpaper E · PayFi Protocol Mechanisms"}]},{"id":"dekgC7nvZT4X9rfWBDpU","title":"E.3 The US-Equity Copy-Trading Engine","pathname":"/axon-finance-docs/yellowpaper-e-payfi-protocol-mechanisms/e3-copy-trading","siteSpaceId":"sitesp_A0orq","lang":"en","description":"The protocol mechanics of the first open ecosystem—escrow, settlement proofs, and authorization","breadcrumbs":[{"label":"Yellowpaper E · PayFi Protocol Mechanisms"}]},{"id":"DAidEZd1WK9jeAWN7mLg","title":"E.4 Copy-Trading Reserve & Risk Control","pathname":"/axon-finance-docs/yellowpaper-e-payfi-protocol-mechanisms/e4-reserve-risk","siteSpaceId":"sitesp_A0orq","lang":"en","description":"The solvency model, coverage invariant, circuit-breaker, and black-swan protection","breadcrumbs":[{"label":"Yellowpaper E · PayFi Protocol Mechanisms"}]},{"id":"Y2wyIwF9P3s28JSi3BRV","title":"F.1 Gas & Fee Market","pathname":"/axon-finance-docs/yellowpaper-f-protocol-economics-and-security/f1-gas-fees","siteSpaceId":"sitesp_A0orq","lang":"en","description":"A payment-grade predictable fee model","breadcrumbs":[{"label":"Yellowpaper F · Protocol Economics & Security"}]},{"id":"cjRUemTmGH2UU47Z78gt","title":"F.2 Staking, Validator Economics & Slashing","pathname":"/axon-finance-docs/yellowpaper-f-protocol-economics-and-security/f2-staking-slashing","siteSpaceId":"sitesp_A0orq","lang":"en","description":"The economic incentives of PoS security","breadcrumbs":[{"label":"Yellowpaper F · Protocol Economics & Security"}]},{"id":"9COKy7xWkqHzX1gEm94p","title":"F.3 Security Model & Threat Analysis","pathname":"/axon-finance-docs/yellowpaper-f-protocol-economics-and-security/f3-security","siteSpaceId":"sitesp_A0orq","lang":"en","description":"Threat matrix and mitigations","breadcrumbs":[{"label":"Yellowpaper F · Protocol Economics & Security"}]},{"id":"CbsPC5e4WYO6f9KDHa5P","title":"G.1 Network Layer & Transaction Propagation","pathname":"/axon-finance-docs/yellowpaper-g-networking-and-performance/g1-networking","siteSpaceId":"sitesp_A0orq","lang":"en","description":"P2P, mempool, and block propagation","breadcrumbs":[{"label":"Yellowpaper G · Networking & Performance"}]},{"id":"hViEoNExD1loYcNSyuJk","title":"G.2 Performance Model & Design Targets","pathname":"/axon-finance-docs/yellowpaper-g-networking-and-performance/g2-performance","siteSpaceId":"sitesp_A0orq","lang":"en","description":"Throughput/latency analysis and target derivation","breadcrumbs":[{"label":"Yellowpaper G · Networking & Performance"}]},{"id":"KFa3Bzu1yGgyyuktnVh7","title":"Appendix I · Notation","pathname":"/axon-finance-docs/yellowpaper-appendices/appendix-notation","siteSpaceId":"sitesp_A0orq","lang":"en","description":"Formal notation conventions used throughout","breadcrumbs":[{"label":"Yellowpaper · Appendices"}]},{"id":"4oeMMYxH4IhQWb7JdX7b","title":"Appendix II · Protocol Parameters","pathname":"/axon-finance-docs/yellowpaper-appendices/appendix-parameters","siteSpaceId":"sitesp_A0orq","lang":"en","description":"Protocol parameters and status annotations","breadcrumbs":[{"label":"Yellowpaper · Appendices"}]},{"id":"HNwdcTAJvjJxM6XSduwA","title":"Appendix III · Core Data Structures","pathname":"/axon-finance-docs/yellowpaper-appendices/appendix-datastructures","siteSpaceId":"sitesp_A0orq","lang":"en","description":"Definitions of blocks, transactions, accounts, and proofs","breadcrumbs":[{"label":"Yellowpaper · Appendices"}]}]}